CP extends CEO Harrison's contract

Canadian Pacific Railway said Wednesday, May 7, 2014, it had agreed to a contract extension with CEO E. Hunter Harrison, adding a year to his term, which will now run until 2017.

"When Hunter was brought in to lead the transformational change of this iconic company, the agreement was for four years, plus an option for an additional year," said CP Board of Directors Chairman Gary Colter. "In seeing CP's rapid turnaround under Hunter's leadership, the Board was unanimous in wanting him to stay on until 2017 and we are extremely pleased he has accepted."

Harrison officially joined Calgary, Alberta-based CP in June 2012.

"I am honored the Board of Directors asked me to remain in a leadership role for an extra year," said Harrison. "Even though CP has experienced phenomenal success in a short period of time, there remains a lot to accomplish over the next three years to grow this company even further with our customers and shareholders."